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2012 (11) TMI 171 - ITAT DELHIPenalty u/s 271(1)(c) of the Income Tax Act - concealment of income – Held that:- Nothing has been brought on record to show that any expenditure had been incurred either directly or indirectly, for earning the exempted income - no details filed by the assessee have been found to be incorrect or erroneous or false. A mere making of a claim which is not sustainable in law, by itself, would not amount to furnishing inaccurate particulars regarding the income of the assessee and such claim made in the return cannot amount to inaccurate particulars. Therefore, penalty on this aspect was also not leviable - explanation offered by the assessee has not been shown to be not a bona fide explanation. Such explanation, as observed, was neither found to be false nor incorrect nor unreasonable – in favor of assessee
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